Live Commerce: The future of the eCommerce industry
Live commerce is an interesting new development in the field of eCommerce. Customers make transactions at live streaming video activities, which is a new kind of internet shopping. This innovative new method of internet shopping is now very successful in Asia, and it is making waves in India all over.
In this post, we will look at what live commerce is and what it can do for your company. Live commerce provides shoppers with the same experience as conventional store shopping, but at their own pace. Live shopping is now gaining traction in Asia, and the retail sector's future is shifting digitally.
What is Live Commerce?
Live commerce augments eCommerce with live streaming video activities, integrating the personalized assistance of in-store retail opportunities with the ease of online shopping. For instance –, a celebrity can offer a live product presentation or endorsement. Consumers can engage, comment, and even specifically ask questions of the host through live interactive streaming content. Companies like Amazon online shopping platforms have transformed the reality of the retail industry.
While Amazon shopping, one can come across this new development. The live commerce interface is intended to simulate the experience of shopping in a physical store. The stream will include embedded video as well as links to additional details about dimensions or sizing, content, and different ways to wear the product. This blends the best features of a physical store with the simplicity, flexibility, and pace of traditional internet purchases.
The Rise of Live Commerce in Asia
Throughout Asia, live commerce has been widely pioneered. Taobao, Alibaba's online marketplace, has fostered a community of live influencers who convey the worth of different goods. Amazone shop’s ambitious implementation of the live commerce concept paved the way for a trend that has aided brick-and-mortar merchants.
Live endorsers, also known as Key Opinion Leaders, have played a critical role in this endeavour. Viya, China's top blogger, was able to raise USD 51 million on a singular day. In a live broadcast, Viya and Kim Kardashian collaborated to sell 15,000 bottles of fragrance in just a few hours via the power of online shopping.
According to Everbright Securities, an Asian investments brokerage, in online shopping, the live commerce business is predicted USD 63 billion in 2021, a 220 per cent rise from 2018. This industry is rapidly expanding.
How Live Commerce is Taking Over the Global Market
Online stores around the world are not left idle. Amazon Live, which is now live streaming product samples and influencer efforts, was released recently by Amazon. The gross income from live trade globally is projected to be $1 billion in 2018, although this figure is predicted to increase significantly.
TalkShopLive is another newcomer to the scene. TalkShopLive reportedly has just 2 million subscribers, but revenues have increased sevenfold from 2018 to 2019. CommentSold, another website, has seen its revenues increase from $326 million to USD 1 billion.
Advantages of eCommerce Live Streaming
The advantages of live commerce and eCommerce broadcasting are enormous. Many of these are variations of the goal of web-based eCommerce, such as reduced shipping costs, improved user service, monitoring and evaluating campaign activities, brand recognition, and online shopping ease.
· Lower Distribution Costs
As goods are delivered directly to customers from a factory rather than being imported from brick-and-mortar stores, live commerce lowers operating costs. Live commerce also simplifies the order-of-operations and procedures for accepting an order, creating a sticker, and quickly delivering to online retail customers so that they get their order as soon as possible.
· Enhance Customer Experience
The influencer works as a customer service agent and a salesperson on the floor. They show functionality, talk about how the product performs in their everyday lives, and address consumer concerns. They will also compare and contrast various goods and discuss the benefits and drawbacks of each. The affiliate marketer engages with clients directly, assisting online shops in making more sales.
· Marketing Activities Will Be Tracked and Measurable
Consumer trust and retention can be maintained by targeted email promotions, directed social media messages, and other types of inbound advertising and sales. Email newsletters, promotions, and paid marketing campaigns are also ways for living commerce to reach out to customers.
· Loyalty to a Brand
When people engage more and more with the individual selling the item, the influencer-as-brand-ambassador fosters long-term brand loyalty. Customers trust retailers more as they develop a personal friendship with the envoy.
Evolution of Live Commerce
Over the next ten years, live trade is expected to become mainstream in Asia. Although live commerce sites in the United States and Asia are generally disorganized and have a poor user interface, this is expected to improve. Amazon will almost certainly dominate this market, but other competitors will also certainly emerge.
A new wave of shoppers in Asia and the United States appreciate the personal touch and comfort that live commerce provides. QVC and other broadcast sales channels have also shown that consumers love live programming that also sells. New eCommerce sites to help other interested retailers are needed.
In Asia, an influencer-based live commerce market would most likely be as competitive as it is in Europe and the United States.
Taking your brand to the next level with just the right partner
Treading the path of live commerce can prove tricky, especially for Indian brands who are new to the game. Worry not, Powerhouse91 was created with a singular goal in mind: to assist eCommerce brands in reaching their full potential by delighting millions of consumers. To move these acquired merchants to the next level of production, we use substantial growth capital in conjunction with comprehensive eCommerce experience.
Providing state-of-the-art branding help, we are a next-generation business brand with a distinct competitive emphasis on particular product segments, long-term profitability optimization, and first-rate customer loyalty. Our team has extensive eCommerce experience and a deep outlook for success and new opportunities.
To grow your brand, we are here with over 30 years of cumulative expertise in live eCommerce, marketing, technology, and chain management, and we know a thing or two about some of the obstacles to brand development and how to solve them. Want to know more about live commerce? Reach out to us here.